PUERTO VALLARTA (PVDN) – Patricia Virgen Alvarado, president of the AMPI Cabo Bahía Sur section, announced her active participation in working groups focused on the drafting of regulations for the newly approved Law that Regulates the Provision of Real Estate Services in the State of Jalisco. The law, ratified over two months ago, aims to solidify legal certainty for real estate transactions in Jalisco, including the renowned Puerto Vallarta.
This regulation will introduce a rigorous system to prevent fraud, bolster the professionalization of real estate advisors and sellers, and establish a comprehensive registry. Alvarado stated, “Within 180 to 200 days, the compliance process should be complete. A dedicated registry will be formed, admitting those with the required training and demonstrated adept knowledge essential for proficiently guiding consumers.”
Despite the progress in Jalisco, a notable concern arises from neighboring Nayarit, which lacks a comparable law. Given the metropolitan linkage of Puerto Vallarta and Bahía de Banderas, Alvarado has expressed her concerns to state authorities. Given the intertwined nature of these metropolitan areas, she emphasized the need to evaluate ways to support and possibly incorporate professionals from the region into Jalisco’s registry.
Adding to the importance of this regulatory development, Gabriela Cárdenas Rodríguez, the Citizen Movement deputy and key promoter of this legislative initiative, highlighted the law’s significance in 2021. A unique feature of the law is its emphasis on the Pro-Integrity distinction. Real estate associations bearing this mark adhere to a well-defined policy encompassing self-regulation elements and internal controls designed to curtail corruption risks.
Jalisco is a significant player in the national real estate landscape, ranking third in demand for various properties, from residential and commercial to industrial lands available for sale or rent. The real estate sector significantly impacts the economy, accounting for 12.8% of the Gross Domestic Product. However, an estimated 10,000 independent real estate advisors operate in Jalisco without proper certifications or affiliation with any professional registry. This new law aims to change that, bringing more structure and security to an industry on the rise.
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Source: https://www.vallartadaily.com/new-real-estate-law-in-jalisco-aims-to-prevent-fraud-in-puerto-vallarta-homes-sales/
